Scorpio Bulkers Inc. (NYSE: SALT) (OSLO-OTC: SALT) (the “Company”) announced today that that it has agreed to time charter-in five dry bulk vessels. The terms of the time charter-in contracts are summarized as follows:

A 2009 built Panamax for five to seven months at Company’s option at $15,900 per day. The vessel was delivered on January 23, 2014.

A 2010 built Post-Panamax for eight to ten months at Company’s option at $13,250 per day. The vessel is expected to be delivered by the end of February 2014.

A 2012 built Kamsarmax for twelve to fourteen months at Company’s option at $15,000 per day. The vessel is expected to be delivered by the end of February 2014.

A 2012 built Kamsarmax for ten to twelve months at Company’s option at $14,500 per day. The vessel is expected to be delivered by the end of February 2014.

A 2014 built Panamax for twelve to thirteen months at Company’s option at $16,000 per day. The vessel is expected to be delivered by the end of March 2014.

About Scorpio Bulkers Inc.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. has currently five time chartered-in dry bulk vessels (two Panamax, two Kamsarmax and one Post-Panamax vessel) and has contracted and agreed to purchase 74 dry bulk vessels consisting of 28 Ultramax, 23 Kamsarmax and 23 Capesize vessels to be delivered starting from the second quarter of 2014 from shipyards in Japan, Korea, China and Romania. Upon final delivery of all of the vessels, the owned fleet is expected to have a total carrying capacity of approximately eight million deadweight tonnes. Additional information about the Company is available on the Company’s website http://www.scorpiobulkers.com, which is not a part of this press release.